15.02.2010

Speedy issues positive report

UK based Speedy Hire has issued its third quarter trading statement which says that it is seeing some improvement in trading.

The UK as with other European markets only requires half yearly financial reports, so most issue a third quarter statement instead.

The statement is as follows:

“Whilst the challenging conditions prevalent in the first half of the year have continued, the Group is encouraged that in the third quarter (October-December) trading increasingly stabilised compared to earlier quarters and early fourth quarter (January-March) trading has progressively recovered following the annual Christmas/New Year shutdown.”

“Although management’s revenue expectations for the fourth quarter are dependent on the business maintaining a strong finish to the year, the quarter has so far shown an encouraging level of activity. January revenues were broadly in line with management expectations and were 24% below the January 2009 level (compared to year on year declines of 36% in October and 28% in December), notwithstanding the difficult weather conditions which significantly disrupted construction activity in early January.”

“The latest UK weekly hire revenue figure has now recovered to pre-Christmas trading levels and is tracking slightly ahead of the normal recovery rate, as the group continues to exploit its market leading position to win new business across a range of market sectors including petrochemical, infrastructure and mainstream construction.”

Despite the purchasing managers’ index of construction activity declining for the 23rd month in a row in December 2009, the group’s major domestic construction clients continue to benefit from spending in support of UK infrastructure, especially in the areas of education, transport and social housing, together with the regulated water and energy industries. As a result, Group”